Qualification Complete! On to Housing Search/Credit Access

Home Forums Purchase Program Qualification Complete! On to Housing Search/Credit Access

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  • #62666

    Our file moved ahead as of this morning! Website says we’re on “Housing Search” and that we need to be approved for Credit Access. Still waiting to hear from my MC on exactly what our next step is.

    #62667
    Nelsont
    Member

    You will soon get an email from MC congratulating you. You have passed qualification but, you are not “officially” qualified yet. You must first attend the purchase workshop at your local NACA office (usually held once per week every week in the evenings – its about 2-3 hours long). While there you will be handed a list of NACA approved contractors and title companies. You will also receive your qualification letter which is equivalent to a pre-approval letter any outside agent will ask you for. Once you are handed this letter you can officially look for houses.

    Credit access is qualification all over again, though only after you have a house under contract. Basically for qualification you are judged on your ability to make payments. Credit access you are judged on your ability to afford that specific house.

    #62669
    Peapod0609
    Member

    Hello @BakerTheBaker, that should mean that you have been NACA qualified! That is very good news, honestly for me I thought that was one of the harder steps in the process believe it or not. So congratulations!

    Once your MC confirms that you are qualified, you have to attend a purchasing workshop and then you can start searching for homes and make offers! I believe the purchasing workshop is held every Thursday in your local office at around 6 p.m. or so, check with your MC/local office. If you do not have a realtor yet, now is the time to get one. You may use a NACA in house realtor or an outside realtor. If you go with an outside realtor they have to be NACA qualified, which is easy for them to do. All they need to do is take a 90 minute online webinar and sign an agreement saying they’re representing you, and they are good to go with NACA. I believe the webinar is every Tuesday at 11:00 a.m. or something like that. I also believe that they have a NACA in house agent or two at the purchasing workshop, so you can talk to an realtor then if you don’t have one already.

    After you finish the purchasing workshop you will be given a pre-qualification letter that basically says you are pre-qualified for a NACA mortgage after going through underwriting. This will let sellers know that you are a serious buyer. Once you complete the workshop and have an agent, you can start to tour some homes and check out some areas you want to buy in.

    And once you do find a home you want to make an offer on, you need to email your MC a Property Specific Letter request. Once you do that, they have 24 hours to process this and give you a Property Specific Letter for your home. During this your realtor needs to provide the most recent tax sheet and MLS listing, and your MC will check to see if the property meets your affordability and is under your maximum allowed monthly payment. As long as it meets your affordability and everything, you will be granted a property specific letter and you and your realtor can make offers and counter offers on the home and you can go from there.

    Good luck on your home search.

    #62670

    So I’m just waiting to hear from our MC with that letter then.. We have been working toward a specific property already, and have a Realtor already who has worked with NACA, so all of that is essentially done. Our Action Plan was tailored around the property ever since we went to ATD. Hopefully it’s smooth sailing. We’ll have to get to that workshop ASAP.

    #62671
    Nelsont
    Member

    Your MC does not give you the letter…you have to attend the purchase workshop…Your MC will not be at the workshop unless they are the lucky office member who drew the short straw to present the workshop that evening. The letter is only drafted upon showing up at the workshop…It’s mostly a form letter but they use attendance as a key to plug in your name and print it out. You will not get this mailed or emailed to you unless you are using a remote counselor. You will be handed it in person.

    #62672

    Ahh, okay, thanks for the clarification.

    #62682
    Peapod0609
    Member

    Ah yes, there are in essence two letters. Sorry for any confusion.

    The pre-approval letter you will be given at your Purchase Workshop. Definitely get in contact with your MC ASAP and if you can’t reach them get in touch with your local office to confirm that you’re Qualified and ask about attending the Purchase Workshop. After the workshop you will get your qualification letter. It is just a very general letter stating you have essentially been pre-qualified for a mortgage which agents and sellers could want.

    Once you want to go make an actual offer on a property is when you email your MC asking for a property specific letter. This is essentially your MC double checking to make sure you can afford and qualify for the property.

    So 2 different letters, from 2 different people lol.

    #62685

    I knew it was too good to be true.. the website says we’re on housing search, and Member Services agrees, but our MC says we’re not Qualified and shouldn’t expect to be qualified before the new year. I am pretty upset right now – I hope the office manager gets back to us soon.

    #62686
    2BLESSED
    Member

    I am bit confused on your statement of not being qualified but you are on to housing search. I wasn’t allowed to go to housing search UNTIL I was qualfied????? Please let us know what happens…

    #62687

    The website says “Housing Search” but our MC said we’re not Qualified. Evidently the website is wrong. Very disappointed – we were told two weeks ago to expect a 7 to 10 day wait, and now we are being told it’ll be another MONTH. That seems ridiculous, but it is what it is I guess.

    #62688
    Peapod0609
    Member

    @BakerTheBaker,

    That is insane. It does not take that long to get qualified at all. If you have everything submitted to underwriting, and you’ve already waited two weeks, then I am not sure what is going on.

    I agree on the original 7-10 day timeline, that’s not unheard of. But a month from now? Something is up.

    #62689
    Nelsont
    Member

    If you are being told a month the only real logical reason is that you need to meet timelines like work history or payment shock.

    Did your MC say why?

    #62690

    Payment shock and histories are definitely not an issue. I hope he just misspoke I’m waiting to hear back on that point.

    #62691

    It seems like what the MC was trying to communicate was that there’s a delay after the holidays, as in right now, after thanksgiving. So I’ll stop freaking out for a couple of days I guess.

    #62710
    Peapod0609
    Member

    Yeah, I thought so. It shouldn’t take an additional month to qualify. The holidays will of course delay things a bit. Just stay on top of things. Sorry to hear that your file mistakenly made it seem like you were qualified. That happened to another poster here a few weeks ago. With them I don’t think they were even submitted for qualification yet so they were very confused. In your case you were already waiting for qualification so that really sucks, I feel for you!

    Just keep up on your file for now! Hopefully you get some answers this week.

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